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NJ Real Estate News : July 13th 2016

Posted by J Park on July 13, 2016
| 0

Fort Lee tries to prohibit AirBNB type of on-line rental biz       

  • Dozens of houses are listed as short term stay on line for Fort Lee’s cultural offerings and proximity to New York city à Almost compliment
  • However, residents object the ideaà try to make a law to prevent short term rent
  • JC, Newark embraces short term rent

Englewood, Lincoln elementary school torn down.   

  • Business district between Grand Ave(Engle St) and E Palisade Ave
  • Behind of Brownstone apartment complex
  • School was built in 1890 with all brick à up to 1000 students/ was city’s charm, legacy, character à New apartment development : 5 stories /185 units
  • (One time, 250 attended class, only 15 were whiteà lots of struggles to integrate)

Canada, RE market is hot!    

  • 2 major cities: Vancouver, Toronto area à Price Up by 32% CMT a year ago
  • Reason: Foreign investors  from US, China à High demand
  • In Vancouver, Avg price: 1.8M(Canada $) à US$1.4M
  • Canada Government starts tightening mortgage process, trying to slow down -> some doubt it will work.

Starbucks will increase wages .

  • Will increase by 5% for entire employees
  • Workers who worked for 2 years (including part time) will make stock option double.
  • Reason: to win competition for labor force
  • US Avg. wage increased by 2.6% CMT last year. ( Especially leisure/hospitality works, 4% increase -> Highest increase)
  • US now is moving into PERFECT EMPLOYMENT?

JP Morgan increase minimum wage for employees

  • 18000 workers’ minimum wage -> increase by 18% -> $12 ~ $16.50 Level
  • Tellers/ customer service area workers
  • Wall mart/ Target/ Starbucks will follow wage increase

Commercial loans -> worried 

  • US Banks increased commercial loans sharply
  • 1st Qt -> 44% increase
  • Commercial loanà usually 30% of all loans -> 1st Qt, almost 50%
  • Morgan Stanley warned those bank under $10B assets : ratio of heavy commercial loan à possible BUBBLE ?

After BREXIT, British residential market might be in danger  .

  • It is most dangerous if it falls down like 2008 financial crisis
  • Commercial mortgage funds declared ceasing transactions last week. (Maybe it is on because current loan is about 30% of that time)
  • Before BREXIT, housing market grew sharply with low interest rate Mortgage down payment level is as big as 2008 level. In May, M loan increased by 14 % CMT last month. Last year, total M loan increase by 8% CMT previous year.

Foreign investors move to cheaper houses??  

  • Investment moves from High end property to lower price houses.
  • Acc to NAR, total amount by foreigner decreased by 1.3% ($102.6B)

Total # of properties increased by 2.8% (214,885 houses0

  • Reason: strong US $/ House price moves Up.
  • In US, Chinese spent $27.3B / In Canada:$8.9B / In India:$6.1B / In Mexico:$4.8B / In UK:$5.5B
  • Chinese preference : Cal-32%, NT/NJ-10%, Texas-8%

In Korea, more Real Estate investment than financial investment .     

  • Non-financial assets -> 76% / Financial assetà 24% ( 3:1)
  • Concept : Assets = Land in Korea.
  • In US, financial assets: 65% / non-financial assets: 35% ( Concept: Assets=Retirement savings)
  • Japan got hit by RE bubble when it has 40% non-financial assets.

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